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Bank of Africa Tanzania’s Second-Quarter Profit Declines by 43%

Bank of Africa Ltd.’s Tanzanian unit said its second-quarter profit declined 43 percent as non-interest expenses increased.

Net income fell to 273 million shillings during the three months to June 30 from 475 million shillings a year earlier, Bank of Africa Tanzania Ltd. said in a statement published in the Daily News newspaper today.

Non-interest expenses increased to 4.6 billion shillings from 3.5 billion shillings, the Dar es Salaam-based lender said. Net interest income, the money banks make from lending, rose to 3 billion shillings from 2.4 billion shillings, it said.

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